Paragon Bank’s SME Lending Division has supported Chesterfield-based plant company SH Plant Ltd to purchase two trucks through an asset finance funding solution of £400,000.
The company has purchased two Volvo articulated dump trucks through an asset finance package of £400,000 to support its growing business, adding to its fleet of existing vehicles.
Of the two vehicles purchased, one of the articulated dump trucks was bought at auction, with the finance agreed with Paragon Bank before the auction took place. This enabled SH Plant to finalise the deal with the auction house on the day and collect it in less than a week.
The second vehicle was purchased directly from Volvo, via Paragon Bank.
SH Plant is a family-run business in Chesterfield operating in the quarrying industry. It specialises in rock extraction, soil stripping, hauling, and restoration works.
The deal was led on behalf of Paragon’s SME Lending division by Todd Auger, Business Development Manager who works in the Vendor team, headed by Terry Lloyd.
SH Plant Limited Managing Director, Terry McGrael commented: “It’s been great to work with Todd and the Paragon team for the purchase of our two new Volvo articulated dump trucks that will help us to expand our business operations.
“We’re pleased that we were able to source the vehicles from two different suppliers, one direct from Volvo and the other via auction, and still work with Paragon to fund both.”
Paragon Bank SME Lending Division Business Development Manager Todd Auger added: “It’s been a pleasure to work with Terry again, we’ve had a relationship with SH Plant Limited since 2021 and have helped the company to acquire various types of machinery and vehicles to support its expansion over the years.
“At Paragon we can offer flexibility when it comes to the method of purchase, therefore we were thrilled to be able to support Terry to purchase one of the vehicles at auction, helping him to agree the funds before the auction took place.”
